PETALING JAYA: From Tuesday, credit card holders who make the minimum or partial repayment on their outstanding amount monthly would no longer enjoy the 20-day interest-free period for new retail transactions.

Those who settle their credit card outstanding amount in full every month will continue to be granted the interest-free period.

Bank Negara confirmed that the ruling took effect Tuesday as part of its effort to promote the use of credit cards as a payment instrument, and to encourage prudent spending and good financial discipline.

A year ago, Bank Negara took the initial step, announcing a new interest rate scheme for credit card users. Credit card issuers then began tracking the repayment behaviour of their cardholders from July 1 last year.

In a statement Tuesday Bank Negara said: “More than half the cardholders pay at least the minimum amount due and roll over the remaining balance.”For credit card users with a good record of settling their credit card balances due each month promptly for 12 consecutive months, the finance charge will be reduced from the maximum of 18% a year to not more than 15%, it added.

As at the end of last year, one third of the 2.7 million credit card holders in the country settled their outstanding amount in full every month.Bank Negara said banks and credit card issuers had already begun notifying their customers on the matter.

A spokesman for Public Bank Bhd said the bank had notified its credit card holders on the scheme in June and July last year and again in April, this year.

“We gave them ample notice because we needed to track their 12-month repayment behaviour history,” she said, adding that the bank had 900,000 credit card holders.

Monday, July 07, 2008

An anniversary (from the Latinanniversarius, from the words for year and to turn, meaning (re)turning yearly; known in English since c. 1230) is a day that commemorates and/or celebrates a past event that occurred on the same day of the year as the initial event. For example, the first event is the initial occurrence or, if planned, the inaugural of the event. One year later would be the first anniversary of that event.

Wednesday, July 02, 2008

A Professor stood before his philosophy class and had some items in front of him. When the class began, wordlessly, he picked up a very large and empty mayonnaise jar and proceeded to fill it with golf balls. He then asked the students if the jar was full. They agreed that it was.

So the Professor then picked up a box of pebbles and poured them into the jar. He shook the jar lightly. The pebbles rolled into the open areas between the golf balls. He then asked the students again if the jar was full. They agreed it was.

The Professor next picked up a box of sand and poured it into the jar. Of course, the sand filled up everything else. He asked once more if the jar was full. The students responded with an unanimous "Yes."

The Professor then produced two cans of beer from under the table and poured the entire contents into the jar, effectively filling the empty space between the sand. The students laughed.

"Now," said the Professor, as the laughter subsided, "I want you to recognize that this jar represents your life.

The golf balls are the important things - your family, your children, your health, your friends, your favorite passions - things that if everything else was lost and only they remained, your life would still be full.

The pebbles are the other things that matter like your job, your house, your car. The sand is everything else - the small stuff."

"If you put the sand into the jar first", he continued, "there is no room for the pebbles or the golf balls. The same goes for life. If you spend all your time and energy on the small stuff, you will never have room for thethings that are important to you. Pay attention to the things that are critical to your happiness. Play with your children. Take time to get medical checkups. Take your partner out to dinner. Play another 18. Therewill always be time to clean the house, and fix the disposal. Take care of the golf balls first, the things that really matter. Set your priorities. The rest is just sand."

When he had finished, there was a profound silence. Then one of the students raised her hand and with a puzzled expression, inquired what the beer represented.

The Professor smiled. "I'm glad you asked. It just goes to show you that no matter how full your life may seem, there's always room for a couple of beers."

Lesson: When things in your life seem almost to much to handle, when 24 hours in a day are not enough, remember the mayonnaise jar......and the beer.

There was once a stonecutter who was dissatisfied with himself and with his position in life. One day, he passed a wealthy merchant's house and through the open gateway saw many fine possessions and important visitors. "How powerful that merchant must be!" thought the stonecutter. He became very envious, and wished that he could be like the merchant. Then he would no longer have to live the life of a mere stonecutter. To his great surprise, he suddenly became the merchant, enjoying more luxuries and power than he had ever dreamed of, envied and detested by those less wealthy than himself. But soon a high official passed by, carried in a sedan chair, accompanied by attendants, and escorted by soldiers beating gongs. Everyone, no matter how wealthy, had to bow low before the procession. "How powerful that official is!" he thought. "I wish that I could be a high official!" Then he became the high official, carried everywhere in his embroidered sedan chair, feared and hated by the people all around, who had to bow down before him as he passed. It was a hot summer day, and the official felt very uncomfortable in the sticky sedan chair. He looked up at the sun. It shone proudly in the sky, unaffected by his presence. "How powerful the sun is!" he thought. "I wish that I could be the sun!" Then he became the sun, shining fiercely down on everyone, scorching the fields, cursed by the farmers and labourers. But a huge black cloud moved between him and the earth, so that his light could no longer shine on everything below. "How powerful that storm cloud is!" he thought. "I wish that I could be a cloud!" Then he became the cloud, flooding the fields and villages, shouted at by everyone. But soon he found that he was being pushed away by some great force, and realized that it was the wind. "How powerful it is!" he thought. "I wish that I could be the wind!" Then he became the wind, blowing tiles off the roofs of houses, uprooting trees, hated and feared by all below him. But after a while, he ran up against something that would not move, no matter how forcefully he blew against it -- a huge, towering stone. "How powerful that stone is!" he thought. "I wish that I could be a stone!" Then he became the stone, more powerful than anything else on earth. But as he stood there, he heard the sound of a hammer pounding a chisel into the solid rock and felt himself being changed. "What could be more powerful than I, the stone?" he thought. He looked down and saw far below him the figure of a stonecutter. Lesson: We don't know the extent of our own personal power. And, sometimes, the most insignificant seeming people among us are those most able to effect great change.

The first seed said, "I want to grow! I want to send my roots deep into the soil beneath me, and thrust my sprouts through the earth's crust above me ... I want to unfurl my tender buds like banners to announce the arrival of spring ... I want to feel the warmth of the sun on my face and the blessing of the morning dew on my petals!"

And so she grew...

The second seed said, "Hmmmm. If I send my roots into the ground below, I don't know what I will encounter in the dark. If I push my way through the hard soil above me I may damage my delicate sprouts ... what if I let my buds open and a snail tries to eat them? And if I were to open my blossoms, a small child may pull me from the ground. No, it is much better for me to wait until it is safe."

And so she waited...

A yard hen scratching around in the early spring ground for food found the waiting seed and promptly ate it.

One day, the farmer's horse ran away, and all the neighbors gathered in the evening and said ‘that’s too bad.’

He said ‘maybe.’

Next day, the horse came back and brought with it seven wild horses. ‘Wow!’ they said, ‘Aren’t you lucky!’

He said ‘maybe.’

The next day, his son grappled with one of these wild horses and tried to break it in, and he got thrown and broke his leg. And all the neighbors said ‘oh, that’s too bad that your son broke his leg.’

He said, ‘maybe.’

The next day, the conscription officers came around, gathering young men for the army, and they rejected his son because he had a broken leg. And the visitors all came around and said ‘Isn’t that great! Your son got out.’

He said, ‘maybe.’

Lesson: you never really know in which direction progress lies. Life unfolds not always as we expect it to.

Once upon a time, there was a very strong man. He asked for a job from a timber merchant and he got it. The pay was really good and so were the work conditions. For that reason, the man was determined to do his best. His boss gave him an axe and showed him the area where he is supposed to work.

The first day, he brought down 18 trees. The Boss was very much impressed and said, “Congratulations Go on that way! Very motivated by the words of the boss, he tried harder the next day, but only could bring down 15 trees. The third day he tried even harder, but he could only bring down 10 trees.

Day after day he was bringing down less and less trees. “I must be losing my strength”, he thought to himself. He went to the Boss and apologized, saying that he could not understand what was going on. “When was the last time you sharpened your axe?” the boss asked. “Sharpen? I had no time to sharpen my axe. I have been busy cutting trees.

The moral of this story:

Our lives are like that. We sometimes get so busy that we don’t take time to sharpen the axe. In today’s world, it seems that everyone is busier than ever, but less happy than ever. Why is that? Could it be that we have forgotten how to stay sharp? There’s nothing wrong with activity and hard work. But we should not get so busy and neglect the truly important things in life, like our personal life, taking time to care for others, taking time to read etc.

We all need time to relax, to think and meditate, to learn and grow. If you don’t take the time to sharpen the axe, we will become dull and lose our effectiveness. So, start from today, think about the ways by which you could do your job more effectively and add a lot of value to it.